Major Incentive in Export from India Scheme
The
Commerce Ministry has expanded the ambit of its Merchandise Exports from India Scheme
(MEIS) to boost export of key products such as textiles, telecom and electronic
items.
Under
the MEIS, the government provides exporters duty credit scrip at 2%, 3% and 5%
of their export turnover, depending upon the product and the country, as envisaged
in the foreign trade policy 2015-20. The scrip can
be transferred or used for payment of a number of duties, including the basic
customs duty.
Exports which used to get duty benefits
only for a few countries–would be entitled to global support. Similarly, higher
support has been granted to certain categories of products, manufactured by
MSMEs.
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